Kent reliance - Bank Conduct

Hi all, 

I am currently going through my 2nd Mortgage application with KR following being declined by leeds due to bank conduct (Arranged Overdraft)

KR have stated that overdraft will not be an issue as long as it is arranged, however I am still worried. I believe I am now at the pre underwriting stage and they asked about my boyfriend as they assumed we will live together based on our transactions. I have informed my MB that this will not be the case. However I am worried that they may reject for this reason. I have a really high credit score and have never missed a payment a day in my life. I simply went to KR due to  overdraft use (Arranged)

Could I get opinions on this please, I am a FTB so I am very anxious. 

Comments

  • ACG
    ACG Posts: 23,611
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    How have you gone from Leeds to Kent Reliance? Is the only issue using an arranged overdraft (because that is not really an issue). 

    Kent will look past the overdraft use as I reckon so would 99% of other lenders. 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Are you going through a broker? If so they should really only be applying for products for which you meet the lending crtieria.

    If not, and you have issues with this application, you should definitely get an independent mortgage broker to look at your case.
  • ACG said:
    How have you gone from Leeds to Kent Reliance? Is the only issue using an arranged overdraft (because that is not really an issue). 

    Kent will look past the overdraft use as I reckon so would 99% of other lenders. 
    Yes, they declined due to bank conduct stating overdraft would affect the amount I am left with each month after bills and all over expenses. I went with KR as they have not requested a 15% deposit as some lenders have. 

    I usually go into overdraft for different things, however I never use full amount and clear within a week. 

    Do you have any advice on whether they will ask for further info about my BF now that I have stated we have no intentions to live with each other 
  • Are you going through a broker? If so they should really only be applying for products for which you meet the lending crtieria.

    If not, and you have issues with this application, you should definitely get an independent mortgage broker to look at your case.
    Yes I am using a broker, I have not had any issues other than arranged overdraft which is why I went with KR who confirmed that this is not a problem. 

    They only came back requesting further information as to if my boyfriend will be residing with me which he won't. I was advised that worst case scenario they may ask for his payslip to show he won't be dependent on me if they believe he may move in. However I feel this is not necessary and would not be comfortable asking anyone for a payslip when they have no involvement with mortgage application.
  • ACG
    ACG Posts: 23,611
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    Titch26 said:
    ACG said:
    How have you gone from Leeds to Kent Reliance? Is the only issue using an arranged overdraft (because that is not really an issue). 

    Kent will look past the overdraft use as I reckon so would 99% of other lenders. 
    Yes, they declined due to bank conduct stating overdraft would affect the amount I am left with each month after bills and all over expenses. I went with KR as they have not requested a 15% deposit as some lenders have. 

    I usually go into overdraft for different things, however I never use full amount and clear within a week. 

    Do you have any advice on whether they will ask for further info about my BF now that I have stated we have no intentions to live with each other 
    Dipping into the overdraft for a week does not feel like enough to go to Kent Reliance, but your broker knows more about the full case than I do. 

    I dont really use Kent Reliance, since they were bought by/merged with Precise I have tended to avoid them as I am not really a fan of Precise. I tend to take the view that Precise (or Kent in this case) look for reasons to not lend. I dont know how they will view that and if they will take your word for it, it has been about 2 years since I last used them. 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • grumbler
    grumbler Posts: 58,608
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    Titch26 said:
    ACG said:
    How have you gone from Leeds to Kent Reliance? Is the only issue using an arranged overdraft (because that is not really an issue). 

    Kent will look past the overdraft use as I reckon so would 99% of other lenders. 
    Yes, they declined due to bank conduct stating overdraft would affect the amount I am left with each month after bills and all over expenses....

    I usually go into overdraft for different things, however I never use full amount and clear within a week. 

    They have a point.
    • If you have been going into overdraft without (big) mortgage monthly payments, your are likely to struggle when the payments start.
    • If you have been going into overdraft because you've been saving for the deposit, this makes no financial sense.

    We are born naked, wet and hungry...Then things get worse. :(

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
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